The word is thought to have originated as carny slang for “protecting the secrets of the business”, and may ultimately originate from Pig Latin for “fake” (“ake-fay”) or the phrase “be fake” (“e-bay ake-fay”).

A while back, many of the things we talk about in this book would have been kayfabe. But I think it's been a good thing for wrestling that this isn't the case anymore. I know some people disagree, but I believe it was the best thing that ever happened in the business. If wrestling people had kept trying to convince fans that everything was absolutely real, then it would have been an insult to the fans' intelligence.

Kayfabe is the portrayal of professional wrestling as real—real competition, real sport, and real people (as opposed to characters). Kayfabe is neither a suspension of disbelief nor the legitimating rules found in sport; rather, it is the outward projection or performance of events as real, both within and without the simulated realm of sports entertainment. Business historian Fiona A. E. McQuarrie has noted that the concept of kayfabe is not uncommon outside the realm of professional wrestling, as many corporations "formally require their members to maintain public silence on company issues or not to express any explicit criticism of the company, through such means as employment contracts or through contracts governing severance or termination of employment."

[…][John] Stossel took it upon himself to confront another wrestler to verify some of Mansfield's allegations. At first, Vince McMahon was cooperative, but upon realizing what was up, he kayfabed Stossel.

[…] I do think he is a very underrated talent, remembered more for the cast he wore on his arm for eighteen months than his ability. Like every old school vet, he kayfabes his gimmick, claiming his arm healed slowly because he was pounding it into people every night.